The statistics are released by the Government at the same time as figures showing the amount of young adults going to university has reached an all-time high of 45%, and for the first time ever the majority of those attending are young women. The 5m children with CTFs have an asset that could provide funding for further education by the time they reach age 18.
Kate Moore, Head of Savings and Investments at Family Investments, comments:
“That we have reached the milestone of 5 million CTF accounts is extremely encouraging in terms of what it means for future generations in this country. A record number of young people will enter adulthood with a financial asset, which is key to improving their prospects and building a savings culture.
“The CTF scheme is a groundbreaking savings initiative that will make an enormous difference to the financial health and financial literacy of future generations.”
“This investment is important for ensuring children receive the best possible opportunities in life. The CTF provides the perfect means for parents to begin planning early for big costs such as university fees. Given the recent news on university applications, and the emphasis placed by both major parties on increasing places, this is more important now than ever.
“The CTF scheme is a groundbreaking savings initiative that will make an enormous difference to the financial health and financial literacy of future generations.
“A strong savings culture will be best created in the UK by ensuring that everybody learns the importance of saving, not spending, from a young age. Just as the latest HMRC figures show the success of the CTF scheme, ensuring that we preserve the universal nature of it is essential to maximising its effectiveness.”
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